Sponsored by Neo Financial.
Neo Financial wants you to know they’re not a bank.
They identify as a ‘fintech’ (financial technology) startup, and when Canada’s financial kingdom is run by its Big Five––who own over 90 per cent of the market share––Neo’s innovative alternative to traditional banking is a necessary breath of fresh air to Canadians.
The company comes from two of the co-founders of SkipTheDishes, Canada’s first and largest online food delivery platform. Founded in 2019, Neo is looking to change the way Canadians spend and save by highlighting local vendors and offering higher cashback rates for their clients. By use of modern technology, they’ve made signing up for the card relatively low barrier, and with their seamless user interface, shopping at your favourite local hubs has never been easier––or more beneficial.
The Neo Financial Mastercard, or simply the ‘Neo Card’, is a recent addition to Canada’s world of no-monthly-fee credit cards, a popular credit option for young Canadians. While it’s a competitive space, Neo’s flexible, eye-catching rewards plans are setting a new standard for banking. The company promises a minimum of 1 per cent cashback on your spending made using the Neo Card, whether it be local or anywhere in the world, but users can expect an average of 5 per cent cashback on their local purchases through their partners.
Neo offers their clients what most traditional banks don’t with their credit cards––no annual costs, no overlimit or inactive fees and double the average cashback rates with a guaranteed 1 per cent cashback rate on your monthly spend.
In addition to the Neo Card, they also offer a savings account that offers an interest rate of 1.30 per cent, vaulting it to the top of Canada’s competitive list of High-Interest Savings Accounts (HISA). With one of the highest rates in Canada, their rate isn’t a sign-up or promotional rate either. It’s a great place to save your cashback returns and make back even more down the line. Their savings accounts are also secured with CDIC insurance, so you can be sure your dough is safe like other HISA, but with all the added perks of Neo.
Neo Financial’s platform is entirely digital, meaning there are no banks to wait in line at and their interface is polished and user-friendly. Although everything is done through their online banking platform on the web or their seamless banking app, managing funds and your account are simplified and built out to make your day-to-day spending and saving effortless.
Proudly built in Canada, Neo has over 5,000 local vendor partners across the country, with over 1,000 vendors being restaurants and food-focused businesses. When shopping with these local businesses, cardholders can earn back an average of 5 per cent cashback on purchases, with rates as high as 20 per cent on your first purchase with a partner. And unlike traditional banks, cardholders are still guaranteed 1 per cent cashback when shopping with non-partners, making the Neo Card a no-brainer if you’re in the market for a daily credit card with no annual fee.
With more businesses continuing to push through the seemingly endless pandemic, it’s more important now than ever to keep supporting your neighbours and local shops, restaurants and businesses, and what better way to do so than with a card that does it all and more?
In as little as three minutes, you can sign up for a Neo Card through their website, where you can learn more about what they offer, including their flexible rewards plans and their current Canadian partners.
